Asset Data Life Cycle
Impact of Poor Asset Data Integrity
- Cannot trust Asset data quality
- Lack of data uniformity across organization
- Data not available in a reportable format
- Cannot perform comprehensive data analysis
- Inability to distribute information to stakeholders
- Regulatory Compliance is difficult & cumbersome
- Unable to get early alerts
- Decisions are made solely on judgment
Good quality Asset data is hard to get
- Voluminous data from disparate data sources
- No common elements to link data sources
- Improper identification of good & bad data
- Laborious process of cleaning data
- Lack of knowledge on usage of data
- Cultural challenges in gathering data
- Complex data validation
- Training of end users
- Lack of standardization in Taxonomy
- Lack of standardization for asset hierarchy, component, hierarchy, failure codes, item master, location master etc.
Issues with Asset Data.
- Consistency
- Accuracy
- Integrity
- Uniformity
- Completeness
- Accessibility
- Matching and Merging
How we can help with Asset Data Quality Issues...
Asset Data Audit & Quality Analysis
- Data Sources Analysis (Application, Data Entities, Data Elements)
- Data Quality Assessment (Availability, Accuracy, Usability, Sufficiency, Integrity)
- Data Security, Accessibility & Visibility Analysis
Asset Data Development
- Classification
- Standardization
- Naming convention
- Normalization
- Combining disparate data sources
- Analyzing/building/reviewing integrity across disparate sources
Asset Master Data Development
- Asset Master
- Asset Hierarchy Catalog with Specifications
- Asset Component Catalog
- Location Hierarchy Master
- Failure, Cause, Remedy Master
- PM Code Master
- Spare Part Item Master Cataloging
Asset Data Cleansing & Validation
- Review & validate existing data based on the quality checks & business rules
- Translate “Text/Notes” into relevant failure codes
- Make changes necessary to the data
- Build scripts to automate data scrubbing wherever possible
- Check and fix abnormalities
- Perform validation
